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TMI Blog2018 (11) TMI 270X X X X Extracts X X X X X X X X Extracts X X X X ..... e concerned. - Exemption u/s 10(10C) allowed - Decided in favour of assessee. - Tax Case Appeal No.1537 of 2008 - - - Dated:- 11-10-2018 - Mr. Justice T.S. Sivagnanam And Mrs. Justice V. Bhavani Subbaroyan For the Appellant : Mr.C.T.Murugappan For the Respondent : Mr.M.Swaminathan JUDGMENT T.S.SIVAGNANAM, J. This appeal by the Revenue is directed against the order passed by the Income Tax Appellate Tribunal, Madras 'B' Bench, dated 05.08.2008 in ITA No.2578/Mds/2007, for the Assessment year 2004- 05 2. Heard Mr.C.T.Murugappan, the learned counsel for the appellant and Mr.M.Swaminathan, the learned Counsel for the respondent/Revenue. 3.This Appeal has been admitted on 13.10.2008, on the following S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fulfilled the condition Nos.(ii), (iii) and (iv) of Rule 2BA and therefore, exemption under Section 10(10C) of the Act cannot be allowed, thereby, denied the exemption of ₹ 5 lakhs. This very issue was considered by the Hon'ble Supreme Court in the case of Chandra Ranganathan vs. Commissioner of Income Tax [(2010) 195 Taxman 418 (SC) . The appeal filed by the assessee therein was allowed. The judgement of the Hon'ble Supreme Court reads as follows: 1. Leave granted. 2. These appeals are directed against the order passed by the Madras High Court in several tax appeal cases where the question involved was with regard to the deduction available to the appellants under Section 10(10C) of the Incometax Act, 1961. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it of deduction to the appellants under Section 10(10C) of the Income Tax Act, 1961, as far as the retired employees of the Reserve Bank of India is concerned. 4. Having regard to the above, the appeals succeed and are allowed. The impugned order passed by the High Court is set aside and that of the Tribunal is restores. There will be no order as to costs. 5.In the light of the above decision of the Hon'ble Supreme Court, the assessee is entitled to succeed in this appeal. Accordingly, the appeal filed by the assessee is allowed and the order passed by the Income Tax Appellate Tribunal is set aside and the Substantial Question of Law framed for consideration is answered in favour of the assessee. No costs 5.Following the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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